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All Posts Tagged With: "Bob Green"

Park Avenue Numismatics Sells Classic Key Date US Gold Coin: 1854-O Double Eagle in AU-55

[CoinLink News] June 10, 2010 – Park Avenue Numismatics is pleased to announce the acquisition and sale of the one of the Finest Known examples of the rare and elusive 1854-O $20 Liberty Type 1 Double Eagle graded AU55 by NGC.

The coin, worth an estimated $650,000, was sold to a Collector attempting to complete a set of $20 Liberty Head Double Eagles. This 1854-O, Green says, “was sold to a client as an upgrade to his complete set.” Green has “handled two other 1854-O deals with him over the past decade. Moreover, his set is fast becoming one of the finest complete $20 gold sets known.” If it were registered, “it would compete with the best sets out there,” Bob declares.

“We are fortunate to be able to handle major rarities such as this and our clients’ rely upon us to continue to aggressively pursue and locate key date gold coins and assist them in completing sets and series, stated Bob Green, President of Park Avenue Numismatics.

“This example was fresh to the market and when it surfaced I went after the coin without hesitation,” Green continued. “This is the finest I’ve seen.”

Of the 3,250 originally minted only 4 have been graded AU55 by NGC with only 2 graded finer in AU58. The 1854-O Liberty Double Eagle is one of the most important rarities in U.S. numismatics and is the second rarest New Orleans Mint Double Eagle (Only behind the 1856-O) .

There are no 1854-O Double Eagles that grade MS-60 or higher, with only a handful of AU specimens available. As such demand for properly graded 54-O’s is intense according to Green. The coin is listed as one of the TOP 100 Greatest US Coins.

Park Avenue Numismatics, a Miami based rare coin firm established in 1987, specializes in Ultra Rarities, and has handled this date before including examples grading V35, XF45, AU50 and AU53 in the past decade. “Collectors contact us regularly with Key Date gold coins because of our stellar reputation in this specialized area of the market,” Green continued. Other numismatic rarities acquired recently include a 1907 $10 Indian MS67 NGC, and a collection of Pre-1908 MS68 United Stated gold coins (more…)

Coin Rarities & Related Topics: Southern California Auctions and Market Realities

News and Analysis regarding scarce coins, coin markets, and the coin collecting community #4

A Weekly Column by Greg Reynolds

I. Today’s Theme

While both the Goldbergs and Heritage auctions contained a significant number of appealing coins that attracted collectors, both firms had much more exciting offerings in their respective Southern California auctions in the Springs of 2007, 2008 and 2009. Moreover, as John Albanese has emphasized, much of the demand in current coin markets is for Eagles ($10 coins) and Double Eagles ($20 gold coins).

Albanese is the founder of the CAC, and was the sole founder of the NGC. He finds that, this year, there has been “less demand for silver coins dating after 1837.” From my (this writer’s) perspective, demand for rare silver coins has fallen since the January 2010 FUN Convention, though will probably rise again soon.

There will be more exciting offerings of rare silver coins, in Boston in August, than there have been from February to June. Exciting offerings may spark collectors. Plus, relative prices for Eagles and Double Eagles will not increase, forever. Collectors will tend to gravitate towards other areas.

For decades, Jim McGuigan has been a specialist in U.S. coins dating from 1793 to the late 1830s. Jim finds that “things really slowed down after Sept. 2008.” This year, McGuigan says, there has “not been a lot of good pre-1840 stuff coming up at auction; when a good coin does come up, it usually does pretty well. 1793 half cents and large cents are as strong as ever. 1794 to 1796 [dated] coins are still pretty good” in terms of demand, McGuigan observes. The market for early coins that are not very rare is weak. “Randall Hoard large cents,” for example, “are easy to buy,” Jim points out. These are high grade, often appealing uncirculated, large cents, dating mostly from 1818 to 1820.

Demand is not great for Liberty Seated coins and Barber coins, I conclude. Matt Kleinsteuber, of NFCcoins, asserts that “this [Spring] was not a good time to auction” a collection of “gem Buffalo Nickels.” Matt twice put forth a similar point to me before the Heritage Long Beach auction.

Trading volume in common gold coins continues to be large. High End gold rarities, which are not necessarily expensive, are extremely difficult to find. (Please refer to my article on the Widening Gap for a definition of ‘high end.’)

Below, I discuss an 1854-O Double Eagle that sold at the Long Beach (CA) Expo. I devote considerable space to Dan Holmes’ Middle Dates as numerous collectors have expressed interest in reading about this event. Even collectors who do not collect large cents like to read about a comprehensive and famous collection that was built over many years by a dedicated coin enthusiast.

I talk about coins in the Goldbergs and Heritage Southern California auctions that I find to be newsworthy. Sometimes, coins are mentioned as examples to illustrate larger points. It is never possible for me to discuss all the very interesting or otherwise newsworthy coins in a major auction. (more…)

New Weekly Column: Coin Rarities & Related Topics

Coin Rarities & Related Topics #1News and Analysis regarding scarce coins, coin markets, and the coin collecting community

A New Weekly Column By Greg Reynolds

I. Today’s Theme

I maintain that the demand for rarities, while not readily apparent or provable, is very strong, and that reports of minimal supply in 2010 have been overstated. There have been considerably more transactions of rarities, so far in 2010, than even most dealers realize.

Specimen-63 1856-O Double Eagle CACYes, it is true that there are far fewer rarities in auctions during the first six months of 2010 then there were during the first six months of any other year since 2004 or earlier.

The diminishing supply of rarities consigned to major auctions is at the forefront of the ‘news.’Consider that Heritage’s ‘Central States’ convention Platinum Night, on April 29, 2010, contained only a shadow of the offerings in Heritage’s CSNS Platinum Nights in 2009, when the “Joseph Thomas” collection was featured, and 2008, when David Queller’s complete set of silver dollars was offered, including an 1804 that realized $3,737,500! All coin auction firms have experienced declines in consignments of rarities, not just Heritage.

Widely published reports of a dearth of available rarities are not entirely true, at least not in every respect. There is considerable volume in private trading of rarities, more so during the last three months than during the period from Feb. to mid-May 2009. Discussion and examples follow.

II. Introduction to My New Column

Before discussing private sales of rarities, I wish to welcome readers to this inaugural installment of my new column. While my articles tend to focus on SPECIFIC coins, coin issues, collections or auctions, each weekly ‘Rarities & Related Topics’ column will include discussions of several items that may only be loosely connected. This first column will be longer than most subsequent columns. Much has occurred in coin markets since my reports relating to events in Orlando in January. (Click to see Platinum Night review, 1913 Liberty Nickel, or Proof Denver Mint Double Eagle articles.)

I have already written about the coin that has received the most attention since the FUN Convention, the PCGS graded MS-68+ 1901-S quarter. In this column, I become the only analyst reporting on private transactions of rarities so far this year, including Great Rarities. (more…)

Astonishing 1907 Denver Mint Double Eagle ($20 gold coin) Sells for More Than a Half Million Dollars

by Greg Reynolds for CoinLink

I. The Sale of this 1907-D $20 Gold Coin

During the course of the January 2010 FUN Convention in Orlando, arrangements were finalized for the sale of a 1907-Denver Mint Double Eagle that is possibly unique in Proof format. It is NGC certified as “Proof-62” with a “Farouk” pedigree noted. It is thus indicated that it was formerly in the epic collection of King Farouk.

In November 2009, Carlos Cabrera, Executive Vice President of Park Avenue Numismatics, acquired it from a collector. This coin became the star of the FUN bourse floor. Cabrera then finalized the sale and handed it to a buyer of rare and important coins. Cabrera reports that the price “was well above a half million dollars.”

There is no evidence of another specially struck 1907-D Double Eagle ($20 gold) existing. It has been suggested that Proof 1906-D Double Eagles exist. I have seen the 1906-D that the PCGS has certified as “Specimen-66.” While that 1906-D Double Eagle is a wonderful coin with a very distinctive appearance, I find that this 1907-D Double Eagle fulfills the criteria for a Proof and that 1906-D does not. (more…)

Platinum Night was Golden; Bellwether Sale Sparks Markets for U.S. Coin Rarities

By Greg Reynolds for CoinLink

I. Introduction & Overview

In 2010, the annual FUN Platinum Night event was held on Thursday, Jan. 7. It is just one session in Heritage’s annual auction extravaganza, which is conducted in association with the Florida United Numismatists (FUN) Convention in Orlando. During this one night, however, an incredible selection of U.S. gold coins was offered. The total prices realized for Platinum Night alone was more than $25 million. The most famous coin in the sale is the Olsen-Hawn 1913 Liberty Nickel, which realized about $3.74 million.

olsen_1913_liberty_nickelAlthough Heritage conducts two to four Platinum Night events per year, the January FUN Platinum Night event is usually the most newsworthy. On, Jan. 7, three different items sold for more than one million dollars each, and there was an excellent offering of Brilliant Proof gold coins.

One of the most interesting coins in the sale is a Proof 1839 Half Eagle ($5 gold coin). It is NGC certified as Proof-61. This coin is, indisputably, a Proof. Many pre-1840 coins that are regarded as, or even certified as, Proofs, are questionable. Matt Kleinsteuber agrees, “it is definitely 100% Proof, other coins of the era are ambiguous” in regard to Proof status. Moreover, it is one of only two known Proof Half Eagles of this date. It was formerly in the collection of King Farouk. It brought $181,000.

Several past Platinum Night events have featured dazzling collections of U.S. silver coins and/or individual silver coins of tremendous importance. The Jan. 2010 event will be remembered primarily for business strike Saint Gaudens Double Eagles ($20 gold coins), Brilliant Proof gold coins, a Bickford $10 gold pattern, a few exceptional gold type coins, a neat run of 19th century quarters, some popular Mint Errors, and a 1913 Liberty Nickel. Please click here to read the article that I devoted to this 1913 Liberty Nickel. Therein, I cover the coin, its importance, and the auction action, in detail.

Since then, David Hall has told me that he “thought the 1913 Liberty nickel brought a good price. [$3,737,500] wasn’t a moon price, but it’s a $3 million dollar coin so an extra 25% is a lot of money.” Hall is the primary founder of the Professional Coin Grading Service (PCGS), and remains a force behind the PCGS and its parent company.

Adam Crum of Monaco Rare Coins agrees that the $3.74 million result is “a really strong price” for this nickel. Moreover, Crum remarks that, “for weeks, buyers of expensive gold coins were sitting on their hands waiting for the Platinum sale. The success of Platinum Night ignited a fire. On Friday, there was a mad rush nationwide for rare gold coins.” (more…)

Park Avenue Numismatics Sells Finest Known 1907 $20 St. Gaudens High Relief

pan_ms69_hr_111809(Miami Beach, FL)- November 18 2009, Park Avenue Numismatics has sold the Finest Known example of the 1907 $20 St. Gaudens High Relief Wire Rim graded MS69 PCGS with CAC (Certified Acceptance Corporation) approval for more that $600,000.

“Arguably the most desired of all $20 US gold coins, this Gem was the most incredible High Relief I’ve ever seen in my 25 years as a rare coin dealer ” said Bob Green, President of Park Avenue Numismatics.” It holds a place in numismatic history with a Pedigree to the famous Ed Trompeter collection. We are pleased to have been part of that history” stated Green.

Park Avenue Numismatics has bought and sold many of the rarest $20 St. Gaudens Double Eagles over the last two decades and was awarded recognition by PCGS (Professional Coin Grading Service) for assembling the Finest Know complete set of St. Gaudens, including the scarce 1927-D in 2005.

1907 $20 High Relief, Wire Rim MS69 PCGS. This issue was a revision of Saint-Gaudens’ Ultra High Relief double eagle, as the latter proved impractical for circulation strikes because it required seven blows from a 150-ton medal press to fully articulate the design. The “High Relief” could be struck after just three blows of the medal press. Over 12,000 High Relief twenties were struck by the end of December, 1907.

A so called “Wire Rim” protruded around the outer extremity in the coins, which resulted from excessive metal flow between the die face and collar during the striking process. Unlike today’s collectors who consider the Wire Rim to be a highly collectible variety, Mint officials considered it to be a striking deficiency. This “flaw” in the striking process was corrected around mid-December, and subsequent High Relief double eagles possessed what became known as a “Flat Rim.”
(more…)